MRS concludes plans to delist fro NGX

MRS Oil Nigeria Plc has notified its shareholders and the investing public that the Company has concluded arrangements for the voluntary delisting of all its issued shares from the Nigerian Exchange Limited (NGX) and subsequent admission to the NASD OTC Securities Exchange (NASD).

In a statement at the NGX signed by O.M. Jafojo, Company Secretary, MRS Oil Nigeria said this decision follows the approvals granted by the Company’s shareholders at the Extra-ordinary General Meeting (EGM) held on June 25, 2024, in accordance with applicable regulations.

“In accordance with Rule 1.10 and Rule 1.13 (f) of NGX’s Rules for Delisting of Equity Securities from the Daily Official List of the Exchange and other relevant legal and regulatory requirements, the Company will in furtherance of the Voluntary Delisting, purchase the interests of shareholders who were absent from the EGM or dissented to the Voluntary Delisting (the Payout).

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“The effectiveness of this Payout remains subject to the final approvals of the Securities and Exchange Commission (SEC) and NGX.

“Key terms of the Payout as approved by SEC are as follows: the Company shall comply with NGX regulations by setting aside the necessary funds to settle dissenting and absentee shareholders; the Registrars shall maintain the Account for a period of three months, during which eligible Shareholders who wish to exit the Company may claim their entitlements; after the three months period, shareholders who have not opted for the Payout shall be migrated to the NASD platform and any unclaimed funds shall revert to the Company; the Registrars shall submit a detailed report to the SEC, listing the shareholders who have exited and have received payment.

“In the light of the foregoing, shareholders who were absent from the EGM or dissented to the Voluntary Delisting are advised to contact the registrar for their payoff from April 4 to July 4 2025”, the statement reads.

“Shareholders and the public are advised to exercise caution when dealing in the company’s shares until the final delisting is concluded and officially announced. “Further updates will be communicated to the public upon receipt of final regulatory approvals for the Voluntary Delisting”, according to the company.

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TAGGED:bdothernews Nigerian Exchange Limited (NGX)Securities and Exchange Commission (SEC)

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ByIheanyi Nwachukwu

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Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.